How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Wallstreet Esq. Your Own Question
Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 586
Experience:  10 years experience
Type Your Tax Question Here...
Wallstreet Esq. is online now
A new question is answered every 9 seconds

I am looking at a tax transcript from a borrower whose 1040

Customer Question

I am looking at a tax transcript from a borrower whose 1040 showed a Sch E for rental income but which had a $0 profit or loss. Should the tax transcript reflect a Sch E was filed? Or will it show no Sch E activity because the income/loss claimed was $0?
Submitted: 1 year ago.
Category: Tax
Expert:  Stephen G. replied 1 year ago.
Was this a vacation home that was rented and thus the loss was limited to the income?I'm not sure I understand your question.What does the taxpayer say about what was reported?